KAMAZ came under EU sanctions

The European Union has expanded sanctions against Russian companies in connection with the situation around Ukraine. The sanctions list includes KAMAZ, the largest manufacturer of trucks in our country. As Sergey Kogogin, General Director of KAMAZ, stated in his video message, the automaker agreed with the Government of the Russian Federation on a plan for further actions and intends to fulfill its obligations to suppliers. Meanwhile, Daimler Truck AG suspends the cooperation with KAMAZ, 15% of which belongs to the German automaker.

In particular, it is planned to stop the supply of components and the production of trucks within the framework of the Daimler KAMAZ Rus joint venture in Naberezhnye Chelny. It should be reminded that in December 2008 the German concern Daimler acquired a 10% stake in KAMAZ for $250 million, having received the status of an exclusive strategic partner. In June 2010, a consortium of strategic partners increased its stake in KAMAZ by purchasing shares from Troika Dialog Investment company. As a result of the transaction, Rostech increased its stake in KAMAZ by 12.2%, bringing it to 49.9%.

In turn, the concern Daimler AG, acting as a strategic partner, increased its stake in KAMAZ by 1%, and taking into account the package of the European Bank for Reconstruction and Development - up to 15%. According to unofficial data, Rostech paid $305 million for the package, Daimler - $25 million, and the EBRD - $100 million. In October 2014, the German automaker bought out 4% of its shares in KAMAZ from the EBRD, by increasing its direct ownership stake to 15%. In November 2019, Daimler transferred its entire stake in KAMAZ to a subsidiary, Daimler Truck AG.